The Mortgage Process

6 Simple Steps You Can Anticipate During the Mortgage Process

1. Get pre-approved or pre-qualified

You can apply for a loan either over the phone or by filling out an application with a loan officer or your bank. After that, they will inform you of the amount of money that you can get pre-qualified up to, in other words, how much you can afford. 

2. Contact a real estate professional

Once you are pre-approved or pre-qualified, you can contact a real estate professional to start looking at homes now that we know how much you can afford.

3. Go out and find a home

Here at the Whittemore Group, we offer a buyer's consultation to go through homes online prior to choosing the best homes to go out and look at. Once we find the home of your dreams, we write an offer and get under contract.

4. Fill out a loan application

The bank or lender will give you a checklist of items to give to the loan originator. Once you gather all items on the checklist and the application is filled out, they will start processing it.

5. Mortgage processing

The loan processor will gather all of your information and create a file. They will then give the file to the underwriter who will analyze the file and either approve, deny, or ask for modifications to your file. If everything looks good, they will give you a conditional approval. Provided you don't take on any major financial debts, such as refinancing a car, buying a ton of new furniture, or any other major expense that effects your credit, you will continue to be approved.

6. Get the final approval to close

Your bank or lender will give you the final approval to close, then three days prior to closing, you will sign a closing disclosure that breaks down the details of your mortgage, tells you what your monthly payments will be, your loan terms, and how much you will pay in fees and ther costs. On the day of closing, you will sign off on all of the other paperwork involved in buying a house, then you become a homeowner!

For more details about obtaining a home loan, or for recommendations on a lender, you can contact us here.

Wondering why you should get pre-qualified or pre-approved for a home loan? Check out this blog!